Mobile Banking: Members vs. Customers

In some ways, CUs are ahead of their bank counterparts in this area.

March 10, 2014

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There are big differences in how credit union members and bank customers use mobile banking, according to research by Malauzai Software, which examined 2.2 million logins from 158,000 mobile banking users at 144 banks and credit unions.

It turns out that credit unions, in some ways, are ahead of their bank counterparts in this realm. “This starts with the number of apps in the App Store and Google Play, all the way through enrollment levels,” the company reports.

• Higher check deposits for bank customers ($536 versus $385). Both parties make about two deposits per month.

• Features and functions. Bank customers and credit union members generally have access to the same mobile banking features, but the percentages of how many active end-users actually use these features is different.

Nine-percent of credit union members make deposits using a mobile device versus 5% for bank customers. On the other hand, 31% of bank customers look at transaction history versus 18% of credit union members.

“The higher money transfer averages for bank customers point to them holding more money in their deposit accounts,” Malauzai reports. “Banks customers also log in more frequently, showing higher engagement, though their sessions are shorter."